scholarly journals Digital transformation of the financial industry: The substance and trends

Upravlenets ◽  
2020 ◽  
Vol 11 (3) ◽  
pp. 72-81
Author(s):  
Ivan Kotliarov
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Global Economy ◽  
Digital Transformation ◽  
Methodological Framework ◽  
Financial Industry ◽  
Distinctive Features ◽  
Financial Products ◽  
Analysis And Synthesis ◽  
Unified Description

Digital transformation (digitization) of the financial industry is the reason behind the deep change in the models of interaction between actors in the financial market. However, a generally accepted interpretation of digitalization has not yet been proposed. The paper discusses the distinctive features of the financial industry digitalization and uses them as a basis for offering a unified description of the nature of this transformation. The methodological framework is the notion of three types of innovation – technology, organization, and product. The research methods used in the article are analysis and synthesis. The paper demonstrates how the types of innovation determine the nature of the digital transformation of the financial industry and how they are manifested in various digital financial products. Digital transformation of finance includes two aspects: (a) Fintech revolution, i.e. technological companies entering the financial market, and (b) adoption of innovative digital technologies by traditional financial companies. We propose the 4U model to describe the marketing aspect of the financial industry digital transformation and introduce the concept of flexible finance as a way to provide financial services that suggest lower liability of financial institutions. The research results show that, firstly, digital transformation of the financial industry is not limited to the technological aspect but also includes organizational and product-related elements. Secondly, the trends in the financial industry digitalization are similar to those in the digital transformation of the global economy.

scholarly journals Ensuring Sustainable Development of the National Financial Market Based on Digital Financial Services

2021 ◽  
Vol 93 ◽  
pp. 02029
Author(s):  
Mikhail Loginov ◽  
Natalia Usova ◽  
Aigerim Baigotanova
Keyword(s):  
Sustainable Development ◽  
Financial Market ◽  
National Economy ◽  
Financial Services ◽  
Current Situation ◽  
Digital Transformation ◽  
Financial Assets ◽  
Medium Term ◽  
Mechanism Of Interaction ◽  
Theoretical Foundations

The article is devoted to the development of the national financial market and ensuring its stability on the basis of digital transformation. Subject of research: digitalization of the financial market. The aim of the study is to study the theoretical foundations of the financial market and determine the priorities of its development based on the digitalization of services to ensure sustainable development in the medium term. Method of research. in the process of writing, the authors used such methods as analysis, grouping, comparison, and synthesis. Results: 1. The features of digitalization of services provided in the national financial market are disclosed. 2. The mechanism of interaction of the main participants in the digital financial assets market is presented and their characteristics are given. 3. Measures for digital transformation of the national financial services market are proposed, taking into account the current situation in the national economy. Scientific novelty: the mechanism of interaction of the main participants in the digital financial services market was determined, measures for the digital transformation of the financial services market were proposed.

scholarly journals Marketing of Financial Service: Evidence from Nigeria Financial Market

2018 ◽  
Vol 2 (1) ◽  
pp. 31-46
Author(s):  
Lucky Anyike Lucky
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Service Marketing ◽  
Distribution Channels ◽  
Financial Service ◽  
Financial Inclusion ◽  
The Internet ◽  
Marketing Environment ◽  
Financial Products ◽  
Growing Population

Nigeria financial market is emerging, the growth in institutions and products require a marketing strategy that will meet the needs of growing population. This study examined marketing of financial services. It discussed financial service products, segmentation of financial products, brands in financial market, financial service marketing environment, marketing of financial service through the internet, distribution channels of financial products, strength, weakness, opportunities and threat of Nigeria financial market, the needs for marketing of financial services, features of financial products and pricing of financial products. The study concludes that marketing of financial services is a determinant of financial inclusion, therefore policies and strategies should be advanced by management and regulators in the financial market.

Analysis of digitalization and technological development VTB Bank (PJSC)

2021 ◽  
pp. 170-178
Author(s):  
В.В. Мандрон ◽  
К.А. Суторьма
Keyword(s):  
Financial Services ◽  
Small Businesses ◽  
Business Processes ◽  
Financial Institution ◽  
Technological Development ◽  
Integrated Approach ◽  
Digital Transformation ◽  
Main Trend ◽  
Financial Industry ◽  
Global Business

Главная тенденция отраслей национальной экономики - цифровизация. Финансовая отрасль кардинально перестроила свои бизнес-процессы и стала драйвером цифрового развития. Цифровая трансформация банков осуществляется с помощью экосистем. Банковская экосистема предполагает комплексный подход к формированию инфраструктуры с помощью отдельных элементов. Цифровизация полностью переформатировала работу игроков финансового сектора и повлияла на организацию и функционирование банков, финансовые услуги и продукты. Средним банкам в период трансформации бизнес-процессов под влиянием информационных технологий сложно реагировать на запросы клиентов и конкурировать с крупными игроками финансового рынка. Наибольшую эффективность в период диджитализации бизнеса демонстрируют крупные банки, они быстрее приспосабливаются новым условиям работы и имеют большую скорость внедрения современных IT-технологий. Банк ВТБ - является одним из числа самых активных участников всех государственных программ направленных на поддержку и кредитование среднего и малого бизнеса. Финансовый институт большое внимание уделяет своей цифровой трансформации. В ходе проведенного исследования установлено, что с помощью реализации направлений в сфере цифровых технологий банк не только осуществляет обслуживание клиентов более быстро и безопасно, но и значительно снижает издержки совершенствуя свою ИТ-архитектуру. Внедрение одного искусственного интеллекта в 2020 году позволило Банку ВТБ снизить издержки в объеме 1,2 млрд. руб. (137 моделей используются в бизнес-процессах всех глобальных бизнес-линий). The main trend of the national economy sectors is digitalization. The financial industry has radically restructured its business processes and has become a driver of digital development. Digital transformation of banks is carried out with the help of ecosystems. The banking ecosystem involves an integrated approach to the formation of infrastructure with the help of individual elements. Digitalization has completely reshaped the players in the financial sector and affected the organization and functioning of banks, financial services and products. During the transformation of business processes under the influence of information technology, it is difficult for medium-sized banks to respond to customer requests and compete with major players in the financial market. Large banks demonstrate the greatest efficiency in the period of business digitalization, they adapt faster to new working conditions and have a greater speed of implementation of modern IT technologies. VTB Bank is one of the most active participants in all government programs aimed at supporting and lending to medium and small businesses. The financial institution pays great attention to its digital transformation. In the course of the study, it was found that by implementing digital technologies, the bank not only provides customer service more quickly and safely, but also significantly reduces costs by improving its IT architecture. The introduction of one artificial intelligence in 2020 allowed VTB Bank to reduce costs in the amount of 1.2 billion rubles. (137 models are used in the business processes of all global business lines).

Marketing Financial Services and Products in Different Cultural Environments

2018 ◽  
pp. 134-160
Author(s):  
Charilaos Mertzanis
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Financial Service ◽  
Marketing Strategies ◽  
Normal Operation ◽  
Cultural Environment ◽  
Concerted Effort ◽  
Goods And Services ◽  
Financial Products ◽  
Consumer Reaction

In this chapter, an analysis is presented of the conditions for effective marketing of financial services/products in different cultural environments. It is argued that financial services/products are not like other conventional goods and services/products: they exhibit special characteristics (i.e. intangible and risky). Thus, they should not be marketed to all financial consumers alike for they incur risks that are unsuitable for all consumers. Any associated capital loss may lead not only to consumer reaction but also might impair the normal operation of the financial market as a whole. Marketing efforts owe to take into consideration these characteristics and risks and effectively integrate marketing strategies with the carefully regulated issuance and distribution of financial products/services. Effective marketing of financial services requires a concerted effort on behalf of governments and financial service/product providers. Finally, marketing efforts must take into consideration the cultural environment within which marketing takes place.

What do bankers think about Halal financial services?

2019 ◽  
Vol 7 (2) ◽  
pp. 18
Author(s):  
Zaimy Johana Johan ◽  
Mohd Zainee Hussain
Keyword(s):  
Customer Service ◽  
Financial Services ◽  
Structured Interview ◽  
City Centre ◽  
Kuala Lumpur ◽  
Financial Industry ◽  
Product Packaging ◽  
Financial Products ◽  
Product Features ◽  
Banking Institutions

Over the past three decades, Malaysian halal financial services have become one of the fastest growing industries with a range of products and services accepted by both Muslims and non-Muslims.  However, the Islamic financial products and its Islamic banking institutions are facing stiff competition from conventional products in relation to marketing coverage, branding, product packaging and other pivotal aspects such as product features, benefits and advantages.  Moreover, there is an immense pressure on the institutions to remain competitive along with the national goals of building shariah-driven ecosystem within the halal industry.  Against the backdrop of the competitive financial industry landscape, this qualitative study examines the crucial attributes of Islamic financial services with focus on knowledge, attitude and level of acceptance of bankers in promoting, marketing and selling Islamic financial products and services.  Employing semi structured interview technique; customer service officers of seven banks within Kuala Lumpur City Centre were selected.  This exploratory study is aimed to identify the perception of bankers towards halal financial services and the study has discovered bankers' knowledge, attitude and level of acceptance of specific products can generate customer’s positive perception, awareness and acceptance of the product offered which will increase their satisfaction and loyalty.  This study is expected to promote knowledge advancement and understanding of Islamic financial services towards fostering a healthy and complete offering of shariah compliant financial solutions. It can later further expand the asset base and outreach of the Islamic financial industry, and subsequently contributes towards increased customer satisfaction and loyalty.

Current Status and Development Prospects of the Financial Services Market in Ukraine

2020 ◽  
Vol 11 (4) ◽  
pp. 1353
Author(s):  
Violetta I. ROSHYLO ◽  
Dariia A. KOVALEVYCH ◽  
Liubov V. GUT ◽  
Viktor T. VENTSEL ◽  
Marharyta M. BERDAR
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Current Status ◽  
Modern World ◽  
Electronic Money ◽  
Electronic Payments ◽  
Significant Potential ◽  
Financial Products ◽  
Innovative Solutions ◽  
Development Prospects

The relevance of the topic is that in the modern world financial services are developing most intensively in the field of electronic payments. With the development of digitalization of sales, services and even settlements between individuals, the old mechanisms do not provide the necessary convenience and speed for customers. Therefore, active development is taking place in the field of circulation of bank cards, payments from card to card (quick payments), electronic money, acquiring of various types. It is these aspects of the development of financial services that are considered in this article. The development of such financial services is relevant for Ukraine, which has significant potential in the development of innovations and their perception by the population and business. The purpose of the article is to analyze the development of the financial services market in Ukraine, identifying problems and prospects for the development of this market. The main results of the study: currently, the development of the financial market is closely connected with the development of financial technologies (FinTech) of financial organizations. Innovative solutions in this area allowed such banks in Ukraine as PrivatBank or FUIB to significantly increase their liabilities, assets and income. Further, the development of the financial services market should be associated with stimulation by the state of the development of non-cash payments, payment infrastructure (especially in regions where it is not yet developed enough). Prospects for further research are related to further study of the development of financial technologies in the financial sector, operations with bank cards and electronic money in Ukraine. The applied value of the material lies in determining the directions of development of financial operations, financial services for customers and financial products, primarily in Ukrainian banks.

Introduction of Financial Technologies in Digital Banking

2021 ◽  
Vol 9 (11) ◽  
pp. 614-617
Author(s):  
Kudratova Feruza Nasriddinovna
Keyword(s):  
Financial Services ◽  
Services Quality ◽  
Banking System ◽  
Financial Sector ◽  
Digital Economy ◽  
Financial Industry ◽  
Main Subject ◽  
Financial Products ◽  
Technology Startups ◽  
Financial Technology

Abstract: Presently, the whole world is concerning about digitalization that has affected all areas of people's lives, and financial sector is no exception. Today, Financial Technology (FinTech) is recognized as one of the most important and rapidly evolving innovations in the financial industry. FinTech has promised that technology startups will reduce costs, improve financial services quality and create a more diverse and sustainable financial outlook. Fintech services are indispensable part of every single financial products and services. In this regards, it is of great importance to consider carefully their services in banking system and opportunities provided by them in, which is the main subject of this article. Keywords: financial technologies, digital banking, digital economy.

scholarly journals The role of the state in ensuring digital transformation of banking sector

2021 ◽  
Vol 112 ◽  
pp. 00021
Author(s):  
Yulia B. Bubnova
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Banking Sector ◽  
Digital Transformation ◽  
Operating Conditions ◽  
Market Regulation ◽  
Financial Market Regulation ◽  
Role Of The State ◽  
Provision Of Services ◽  
Digital Capital

In the age of digital technologies, the main factor of competitiveness in the financial market is “digital capital”. Using developments in the field of information technology, banks change the format and methods of providing their products and services, participate in the provision of services that are not typical for them. In such circumstances, banks have to completely transform their business and build it on the basis of platforms. Changes in the operating conditions of the financial market entail changes in the rules of conduct on it and approaches to its regulation. Investing in technologies, creating and developing ecosystems require significant financial investments from banks, which not all banks can afford. This research analyzes the possibilities of using digital capital by the most successful Russian banks in building and developing ecosystems. The main models of banking ecosystems used in Russian practice are systematized. The necessity of state participation in financial support of the digital transformation of the banking sector is justified. The steps taken by the Bank of Russia in this direction are evaluated. The article summarizes the Bank of Russia’s efforts to develop approaches to financial market regulation to ensure information security and prevent financial isolation. Steps taken by the regulator to ensure an equal access to financial services for all citizens, equal opportunities for competition of various financial market players.

scholarly journals A Bibliometric Analysis of Fintech Trends and Digital Finance

2022 ◽  
Vol 9 ◽  
Author(s):  
Said Khalfa Mokhtar Brika
Keyword(s):  
Bibliometric Analysis ◽  
Financial Services ◽  
Current Knowledge ◽  
Future Research ◽  
Financial Industry ◽  
Research Gaps ◽  
Financial Products ◽  
Wide Range ◽  
Creative Research ◽  
Financial Technology

Digital finance has piqued the curiosity of academics, students, and institutions all around the globe for more than a decade. Innovative financial services companies are offering a wide range of new financial products and new ways of interacting with customers via digital finance (Fintech). Research on finance and information systems has thus examined these shifts as well as the implications of technological advancements on the financial industry. Through presenting a bibliometric analysis, the article summarizes how scientific research has developed on the connections between financial technology developments and digital finance during the previous years. According to the ScienceDirect database, we base this literature review on journals and articles that have been published. We conducted a content analysis of 343 articles based on the discovered clusters, finding research gaps and suggesting actionable areas for further study. The results offer a solid path for future research in this area. We discuss the significance of the aforementioned publications and articles as well as potential areas of future study. The next step is to analyze the citation linkages between the most important articles to identify how they are related to one another. For financial technology research, the study looks at the way they are organized. The research is concerned with the roles of Fintech and the limits of research in digital financing. We point out potential routes for researchers to take to expand on current knowledge while also seeking possibilities for new, interesting, and creative research that adds to the expansion of the topic of research.

Marketing Financial Services and Products in Different Cultural Environments

2015 ◽  
pp. 232-267
Author(s):  
Charilaos Mertzanis
Keyword(s):  
Financial Market ◽  
Financial Services ◽  
Financial Service ◽  
Marketing Strategies ◽  
Normal Operation ◽  
Cultural Environment ◽  
Concerted Effort ◽  
Goods And Services ◽  
Financial Products ◽  
Consumer Reaction

In this chapter, an analysis is presented of the conditions for effective marketing of financial services/products in different cultural environments. It is argued that financial services/products are not like other conventional goods and services/products: they exhibit special characteristics (i.e. intangible and risky). Thus, they should not be marketed to all financial consumers alike for they incur risks that are unsuitable for all consumers. Any associated capital loss may lead not only to consumer reaction but also might impair the normal operation of the financial market as a whole. Marketing efforts owe to take into consideration these characteristics and risks and effectively integrate marketing strategies with the carefully regulated issuance and distribution of financial products/services. Effective marketing of financial services requires a concerted effort on behalf of governments and financial service/product providers. Finally, marketing efforts must take into consideration the cultural environment within which marketing takes place.

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